Gamification of Data Collection A Comparison Between Credit Scoring in the United States and China
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2022-03-04
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en
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Abstract
Gamification can be described as the process of adding gameful elements,
such as points or levels, to a service that was not a game to begin with.
This is mostly done in order to stimulate the value creation of a user of the
service. Gamification has proven itself to be a useful tool in the context of
data collection. One specific gamified area where data collection is of high
importance is credit scoring. Credit scoring systems try to assess a person’s
creditworthiness, i.e. their ability to repay loans. In both the Unites States
and China, credit scoring systems can be of great influence on people’s daily
lives. On top of giving access to loans, a person’s credit score can influence
their job acceptance rate and housing options. Despite this big influence,
there is little transparency regarding the exact calculation of these scores.
This thesis provides an overview of credit scoring systems in both countries
and compares the FICO score from the United States with the Sesame
Credit score from China. The resulting analysis shows that the systems bear
many similarities and are in fact almost identical. The main difference is
that the Sesame Credit score also openly incorporates very personal data
on its users which is not related to their financial lives. Because of this,
Western news media often criticise Chinese credit scoring methods. However,
authorities in the United States have proposed to incorporate more
types of data into the calculation of their credit scores. Doing this would
make the FICO scoring model in the United States even more similar to the
Sesame Credit scoring model in China. Therefore, the United States should
be careful with these developments.
Keywords: Gamification, Credit Scoring, Social Credit System, Sesame
Credit, FICO Score
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Faculteit der Sociale Wetenschappen